Apellis Pharmaceuticals is a commercial-stage biopharmaceutical company focused on drugs that target the complement system, a branch of the immune system whose chronic overactivation drives serious diseases. Apellis' two marketed drugs are both based on pegcetacoplan, a C3 inhibitor. SYFOVRE is an intravitreal injection approved in the U.S. for geographic atrophy (GA), a form of advanced age-related macular degeneration that causes progressive vision loss. SYFOVRE was the first-ever approved treatment for GA and is currently the market leader. EMPAVELI is a subcutaneous injection approved for paroxysmal nocturnal hemoglobinuria (PNH), a rare blood disorder, and more recently for C3 glomerulopathy and IC-MPGN, rare kidney diseases that cause progressive kidney failure. Apellis sells both products in the U.S. through specialty distributors and pharmacies to retina specialists, hematologists, and nephrologists. Sobi holds ex-U.S. rights to EMPAVELI under a collaboration agreement. SYFOVRE is the dominant revenue driver. Revenue scales with patient penetration, dosing frequency, and net price per dose. Apellis outsources all manufacturing to third-party contract manufacturers. Key growth levers include expanding GA patient penetration, ramping the EMPAVELI nephrology franchise, developing a prefilled syringe for SYFOVRE, and pursuing Phase 3 trials in FSGS and delayed graft function, with potential approvals around 2030.